Published: 24 July 2013

Group turnover for the half year declined by 13% to $48 million compared to $55.4 million achieved in the same period in prior year. Revenue declined by 25% and 28% for Poultry and Specialised Divisions respectively due to the impact of inadequate working capital. Growing demand for hardware and agro-inputs in the Retail Division saw Retail register an 8% revenue growth during the period. Of the total turnover, Poultry Division contributed 42% (2012 H1 - 50%), Specialised 11% (2012 H1 - 13%) and Retail 47% (2012 H1 - 37%). The Group posted an operating profit from continuing operations before depreciation and financing costs (EBITDA) of $553 297 against $272 360 in prior year.

Financing costs for the period increased to $1.7 million from $1.5 million in the comparable period resulting in a loss before tax of $1.8 million against $1.3 million posted in prior year. Discounting the non-recurring profit of US$2.9 million from disposal of non-core assets realized in prior year, the Group registered some recovery. However, low capacity utilization and heavy financing costs still weighed down on the business restricting turnaround. Operational improvements were noted at Victoria Foods and Poultry following the completion of PTA projects.

CFI Holdings Financial Report for the Half Year Ended 31 March 2013

- CFI Holdings

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